On 11.10.2023, Consob presented Report on non-financial reporting of Italian listed companies (“Report”). The Report analyses the evidence on the implementation of the Directive 2014/95/EU, transposed in Italy by the Legislative Decree no. 254/2016, also with the aim of highlighting the progressive cultural change triggered by the consideration of sustainability into the corporate decision-making process. The analyses refer to companies with ordinary shares listed (“Listed Companies”) on Euronext Milan, the main Italian regulated market. They cover those behaviours, also triggered by legislative obligations and developments in self-regulation, that may signal progress in the cultural transformation towards the integration of ESG (Environmental, Social and Governance) factors into the design of business models, corporate strategies and corporate governance models. Reports on non-financial information On 2022 the Listed Companies: that published a non-financial statement (NFS) pursuant to Legislative Decree no. 254/2016 amounted to 148, representing 69% of listed companies and approximately 96% of market capitalisation at the end of 2021 (percentages almost identical to the previous year’s report); 130 of these published the NFS. Furthermore, 3 companies (2% of the total), issued a sust...